As 2017 moves through its 3rd month, we’re aware of changes on the horizon that are impacting the housing market. At Village Communities, with condos for sale in Columbus, OH, we’re actively watching these trends, and they bode well for both buyers and sellers, even though real estate is expected to moderate a bit.
Credit is Increasing
Mortgage credit is more available as lending standards are loosening up. First-time homebuyers should continue to see lower fees. Fannie Mae and Freddie Mac should be backing larger mortgages, which should make it better for buyers to finance in expensive markets.
New, New, New
The trend for the demand for new homes and condos is expected to continue in 2017. Home builders are following the trends, and with higher wages, credit available, and demands from buyers, they are continuing to build new homes. Home buying has slowed, but homes and condos are still continuing to be built.
Columbus is a Great Place to Live (and the rest of the Midwest)
Millennials are on the hunt for new homes, and builders can’t keep up with the demand for new homes in big cities. While they may not find the same opportunities professionally, they are finding good paying jobs and affordable new construction in cities the size of Columbus. The Midwest has become the place to relocate, due to jobs, affordable homes, and closeness to major universities.
Mortgage rates will rise in 2017, which may keep some home buyers from being able to purchase their dream home, but most will still be able to purchase a home. While interest rates are expected to rise, it shouldn’t be any more that 4.3 percent on a 30-year fixed rate.
The Majority are Millennials and Baby Boomers
These are two of the largest populations and they are driving demand. They are both in positions to buy homes, whether it is due to getting married and starting families, or becoming empty nesters. Both groups may be looking for condos for first or last homes, or affordable homes.
The housing market continues to be strong and affordable here in Columbus. We have amazing new condos for sale. Visit us and see what we can offer!